The Hungarian unit of Banco Popolare, Italy's third largest banking group, is up for sale after four years in business, daily Napi Gazdaság reports, without citing a source.
According to the paper, four suitors are already waiting in the wings to snatch up Banco Popolare Hungary Zrt, including Wallis Group, which just a year ago sold Milton Bank to Hungarian billionaire Sándor Demján.
Banco Popolare plugged into the Hungarian market by acquiring IC Bank but failed to get traction and operated only 10 branches in Hungary.
Already heavily loss-making, the lender was dealt a final blow when Hungary levied an extra tax on banks last year. (BBJ)